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Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2015 a Pension Trust Fund of the State of Arizona

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Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2015 a Pension Trust Fund of the State of Arizona COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2015 A PENSION TRUST FUND OF THE STATE OF ARIZONA PUBLIC SAFETY PERSONNEL ELECTED OFFICIALS’ RETIREMENT SYSTEM RETIREMENT PLAN #47 #34 PSPRS EORP CORRECTIONS OFFICER CORRECTIONS OFFICER RETIREMENT PLAN ADMINISTRATIVE OFFICES OF THE COURT #29 #2 CORP CORP-AOC THIS PAGE INTENTIONALLY BLANK Comprehensive Annual Financial Report for the following Pension Trust Funds of the State of Arizona Public Safety Personnel Retirement System Elected Officials’ Retirement Plan Corrections Officer Retirement Plan (Administrative Offices of the Courts) For the Fiscal Year Ended June 30, 2015 Prepared by the Staff of PSPRS Public Safety Personnel Retirement System 3010 E. Camelback Road, Suite 200 Phoenix, AZ 85016 Phone (602) 255-5575 Fax (602) 255-5572 www.psprs.com The Purpose of the Public Safety Personnel Retirement System is to provide uniform, consistent, and equitable statewide retirement programs for those who have been entrusted to our care. This is accomplished through our Governing Principles where A spirit of Gratitude guides all our actions, thereby fostering a culture of unparalleled service to others through which growth is nurtured, progress is developed, and results are achieved. Trust is engendered by transparency of our decisions and accountability for our actions as measured against sound expectations. We recognize that Respect for the individual strengthens the whole and is only earned by genuinely understanding and fulfilling the needs of others through appropriate, timely and clear communication and education. INTRODUCTORY SECTION TABLE OF CONTENTS INTRODUCTORY SECTION INVESTMENT SECTION Certificates of Achievement 8 Chief Investment Officer’s Letter 92 Board of Trustees Transmittal Letter 11 Fund Investment Objectives 95 Board of Trustees 18 Investment Performance 95 Executive Staff 19 Asset Allocation 95 Organizational Chart 19 Annualized Trust Rate of Return 96 Professional Advisors 20 Top 10 Investment Holdings 97 Trust Equity Portfolio 97 FINANCIAL SECTION Trust Fixed Income Portfolio 97 Independent Auditor’s Report 22 Summary of Changes in Trust Investment Portfolio 97 Management Discussion & Analysis 24 Schedule of Commissions Paid to Brokers 98 Basic Financial Statements Trust Equity Portfolio 100 Combined Statement of Fiduciary Net Position 36 U.S. Equity Portfolio 100 Combined Statement of Changes in Fiduciary 38 Non U.S. Equity Portfolio 100 Net Position Trust Fixed Income Portfolio 101 Plan Specific Notes to the Financial Statements 41 U.S. Government Securities 101 PSPRS Notes 41 Corporate Bonds 101 PSPRS Summary of Benefits 42 Trust Credit Opportunities Portfolio 102 EORP Notes 50 Trust Private Equity Portfolio 103 EORP Summary of Benefits 51 Trust Absolute Return Portfolio 103 CORP Notes 57 Trust Real Assets Portfolio 104 CORP Summary of Benefits 58 Trust Real Estate Portfolio 104 Combined Notes to the Financial Statements 66 Trust Risk Parity Portfolio 105 Required Supplementary Information 79 Trust GTAA Securities Portfolio 105 Schedules of Funding Progress Health Insurance 79 Trust Investment Management Fees By Asset Class 105 Schedules of Employer Cont. Health Insurance 79 Trust Investment Management Fees By Asset Class 105 Schedules of Pension Contributions 80 (As a percentage of Total) Money Weighted Rate of Return 80 Schedules of Employer Net Pension Liability 81 Schedules of Changes in Employers Net 82 Pension Liabilities Notes to the Required Supplementary Information 84 Supporting Schedules Information 85 Schedule of Changes in Reserve Balances 85 Schedule of Receipts and Disbursements 87 Schedule of Administrative Expenses 88 Schedule of Consultant Expenses 89 4 Comprehensive Annual Financial Report INTRODUCTORY SECTION TABLE OF CONTENTS (Continued) ACTUARIAL SECTION STATISTICAL SECTION PSPRS Specific Information 108 Statistical Summary 136 Actuary Certification Letter 108 Changes in Net Plan Position - Pension 137 Actuarial Balance Sheet 111 Changes in Net Plan Position - Health Insurance 138 Summary of Valuation Assumptions 112 Schedules of Revenues by Source 139 Summary of Active Member Data 114 Schedules of Benefits by Type 140 Summary of Inactive Member Data 115 Deductions from Net Position for Benefits and 142 Summary of Retired Member Data 115 Refunds By Type EORP Specific Information 116 Valuation Assets vs. Pension Liabilities 143 Actuary Certification Letter 116 Schedules of Benefits by Type and Range 143 Actuarial Balance Sheet 119 Funding Ratios 144 Summary of Valuation Assumptions 120 Contribution Rates 145 Summary of Active Member Data 122 Benefit Recipients by Location 146 Summary of Inactive Member Data 123 System Membership 146 Summary of Retired Member Data 123 Principal Participating Employers 146 CORP Specific Information 124 Summary of Benefit Increases 147 Actuary Certification Letter 124 Summary of Growth of the System 148 Actuarial Balance Sheet 127 Benefits Payable by Type of Benefit 149 Summary of Valuation Assumptions 128 Average Monthly Benefits and Membership 150 Summary of Active Member Data 130 Ten Year Estimated Contribution Rates 153 Summary of Inactive Member Data 131 Schedules of Changes in Refundable Member 154 Summary of Retired Member Data 131 Reserve Balances Combined Information 132 Schedules of Changes in Employer 162 Solvency Test 132 Reserve Balances and Unfunded AAL Schedule of Experience Gain/Loss 133 Schedules of Changes in Health Insurance 176 Reserve Balances Participating Employers 183 Comprehensive Annual Financial Report 5 THIS PAGE INTENTIONALLY BLANK INTRODUCTORY SECTION INTRODUCTORY SECTION 8 Comprehensive Annual Financial Report INTRODUCTORY SECTION Comprehensive Annual Financial Report 9 INTRODUCTORY SECTION 10 Comprehensive Annual Financial Report INTRODUCTORY SECTION PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM Brian P. Tobin, Chairman CORRECTIONS OFFICER RETIREMENT PLAN Gregory Ferguson, Vice Chair ELECTED OFFICIALS' RETIREMENT PLAN Jeff McHenry, Trustee 3010 East Camelback Road, Suite 200 Richard J. Petrenka, Trustee Phoenix, Arizona 85016-4416 Randie A. Stein, Trustee www.psprs.com Administration Lauren W. Kingry, Trustee TELEPHONE: (602) 255-5575 Jared A. Smout Ryan Parham William C. Davis, Trustee FAX: (602) 255-5572 Administrator Chief Investment Officer December 23, 2015 The Honorable Douglas A. Ducey Governor of the State of Arizona Executive Tower 1700 W. Washington Phoenix, Arizona 85007 Dear Governor Ducey: The Board of Trustees (Board) of the Public Safety Personnel Retirement System (PSPRS) respectfully submits the forty‐ seventh Comprehensive Annual Financial Report (CAFR) for the PSPRS, the thirty‐fourth for the Elected Officials’ Retire‐ ment Plan (EORP), and the twenty‐ninth for the Corrections Officer Retirement Plan (CORP), (collectively The System) for the fiscal year ended June 30, 2015 (FY’15), in accordance with the provisions of A.R.S. § 38‐848. This is the first year we have consolidated all three CAFR’s into one report. Financial Information Reporting Under the direction of the Board, the primary responsibility for the integrity and objectivity of this CAFR and related fi‐ nancial data rests with the management of the System. It is a product of the collective efforts of the staff and is intended to provide complete and reliable information that will facilitate the management decision process and serve as a means for determining compliance with the System’s governance and investment policies and legal requirements. It is the System's policy to have and maintain an effective system of accounting controls. We believe our controls are ade‐ quate to provide reasonable assurance that assets are safeguarded against loss or unauthorized use and to produce the records necessary for the preparation of financial information. There are limits inherent in all systems of internal controls based on the recognition that the costs of such systems should be related to the benefits to be derived. Management be‐ lieves the System's controls provide this appropriate balance. The System uses the accrual basis of accounting for both revenues and expenses. Contributions to the System are based on principles of level‐cost financing with current service financed as a level percent of payroll on a current basis and prior service amortized as a level percent of payroll over a period of at least twenty but not more than thirty years. The financial statements were prepared in conformity with generally accepted accounting principles appropriate for gov‐ ernment‐sponsored defined benefit pension plans and have received a “clean” opinion from Heinfeld, Meech & Co., P.C., Certified Public Accountants and auditors for the System. This unmodified opinion can be found at the beginning of the Financial Section. Management believes that all other financial information included in this annual report is consistent with those financial statements. History and Administration of the System The PSPRS was created on July 1, 1968 by A.R.S. § 38‐841, “for public safety personnel who are regularly assigned hazard‐ ous duty in the employ of the state of Arizona or a political subdivision thereof.” It was joined by the EORP on August 7, 1985 by A.R.S. § 38‐802, when the Judge’s Retirement Plan merged with the previous Elected Officials’ Retirement Plan and is for eligible judges and state, county and local elected officials of participating governmental employer units. Finally, on July 1, 1986 the CORP was added by A.R.S. § 38‐882, for corrections officers, county, city or town detention
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